Wheat Markets Down and Cattle Higher on Tuesday

Grain markets were lower and cattle markets were higher on Tuesday. From the floor of the CME Group, Joe Vaclavik shares his observations of Tuesday's markets.?Vaclavik: "Wheat market continues to be under pressure. Funds now actually short Chicago wheat by a little bit and still on the Kansas City contact. Producers in the Southwest Plains having harvest issues as they got some rain that came about two months too late. All in all the wheat market wants to follow the corn market lower. The livestock markets were sharply higher here in Chicago on Tuesday. We had a limit up trade in nearby feeder cattle contracts. We traded more than $2 higher in most fat cattle contracts. This cash cattle market is just on fire — it's outperforming expectations by a long shot."

Chicago September Wheat ended Tuesday down 8 and 1/4 cents at 5-80. September corn ended the day down 2 and 1/4 cents at 4-36 and 3/4.?Portland prices for soft white wheat were down 8 and 3/4 to 10 cents at mostly 6-92 and 1/4. White club wheat prices were down 8 and 3/4 to 10 cents at mostly 7-29. Hard Red Winter wheat with 11.5 percent protein prices were down 4 to 9 cents at mostly 7-93 and 3/4. DNS wheat with 14 percent protein prices were mixed down 21 and 3/4 to up 11 and 1/4 cents at mostly 8-36 and 1/2.?August live cattle were up $2.80 on Tuesday at 149-72 and half. August Feeder cattle up $2.72 and half at 210-62 and half. July class III milk was up 7 cents at 21-95.